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Minister of Finance Bezalel Smotrich today signed an order cutting excise on gasoline by NIS 0.10 per liter, which will reduce the maximum price of government price controlled 95 octane gasoline at self-service pumps in Israel to NIS 6.84 per liter.
The excise cut will remain in effect until the end of 2023 and will cost the Ministry of Finance an estimated NIS 450 million in tax losses.
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The latest cut balances the NIS 0.09 rise at the start of January and represents a cut of slightly over 1% in price.
This measure taken by the incoming government to deal with the increase in the price of fuel is significantly more modest than that of the previous government. From April 2022 until the end of the year, previous Minister of Finance Avigdor Liberman made various cuts on excise on fuel, reaching NIS 0.85 per liter of gasoline.
Published by Globes, Israel business news – en.globes.co.il – on January 19, 2023.
© Copyright of Globes Publisher Itonut (1983) Ltd., 2023.
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